Security Comparison

KSLV vs SLVO: Which Is the Better Pick in 2026?

A head-to-head comparison of Kurv Silver Enhanced Income ETF and Credit Suisse X-Links Silver Shares Covered Call ETN covering yield, cost, risk, and income potential.

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

KSLVInvestors who want index call spreads structured for Section 1256 tax treatment.
SLVOInvestors who want a covered-call overwrite written on the holdings themselves.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

KSLV has outpaced SLVO over the trailing twelve months, posting a 20.67% total return against 20.16%. Measured from Sep 2025 — the start of shared available history — KSLV has compounded at 21.97% a year versus 20.16% for SLVO. SLVO has been the steadier holding, though — annualized volatility of 35.5% against 68.0% for KSLV. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Symbol	YTD cumulative	1Y cumulative	Since Sep 2025	Volatility	Sharpe	Sortino	Max drawdown
KSLV	-19.57%	20.67%	21.97%	68.0%	0.21	0.26	-54.7%
SLVO	3.18%	20.16%	20.16%	35.5%	0.39	0.49	-21.4%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Sep 2025” measures every fund from September 30, 2025 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Distribution rate and SEC yield

Metric	KSLV	SLVO
Forward distribution rate	30.35%	35.45%
Trailing 12-month yield	32.46%	72.00%
30-day SEC yield	3.37%	—

Total return (price change plus reinvested distributions) is the Total returns section above. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.

Total return against the stated underlying is on KSLV vs SLV, SLVO vs SLV.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
Metric	KSLV	SLVO
Full name	Kurv Silver Enhanced Income ETF	Credit Suisse X-Links Silver Shares Covered Call ETN
Issuer	Kurv	UBS Asset Management
Last Close	$23.72 as of October 2, 2026	$64.29 as of October 2, 2026
Distribution rate	30.35%	35.45%
Trailing 12-month yield	32.46%	72.00%
30-day SEC yield	3.37%	—
Distribution Safety Score™	87	70
Safety-Adjusted Yield	26.40%	24.82%
Expense ratio	1.00%	0.65%
AUM	$120M	$425M
Distribution frequency	Monthly	Monthly
Underlying index	Silver	Silver
Objective	Kurv Silver Enhanced Income ETF seeks to maximize total return by actively managing a portfolio with efficient exposure to silver while, at the same time, generating potentially tax-efficient income.	Provides exposure to the Credit Suisse NASDAQ Silver FLOWS 106 Index, which combines a long position in silver with a short position in silver call options.
Asset class	Equity	Commodity
Inception date	09/29/2025	N/A
Beta	—	0.45
Last dividend	$0.60	$1.899
Ex-dividend date	09/16/2026	09/22/2026

Bottom lineChoose KSLV if you want index call spreads structured for Section 1256 tax treatment. Choose SLVO if you want a covered-call overwrite written on the holdings themselves. KSLV and SLVO both use option or derivative overlays. Their tradeoff is the underlying exposure, how each option strategy is implemented, and the yield each targets; either overlay can limit upside participation, so neither offers uncapped price exposure.

How the risk works

Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.

Capped upside and premium dependence. KSLV and SLVO generate income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.

Learn the mechanics: Return of capital, explained · NAV erosion, explained

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Income calculator

See how much monthly income a hypothetical investment would generate in each security at current yields.

Kurv

ETFs16

Total AUM$645M

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Kurv is known for developing actively managed, single-stock and thematic covered call ETFs that generate income through options strategies. The issuer's lineup spans fixed income, growth and income, precious metals strategies, and thematic investing approaches, with a notable focus on single-stock income products tied to mega-cap technology and consumer companies. Kurv's breadth includes both traditional covered call strategies and more specialized offerings in metals and sector-specific themes, appealing to investors seeking equity income across various market segments.

See our curated list of related YouTube videos on KSLV.

See all Kurv ETFs

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Quick verdict

KSLV (Kurv Silver Enhanced Income ETF) is an ETF, while SLVO (Credit Suisse X-Links Silver Shares Covered Call ETN) is an ETN — their trading structures differ.

SLVO offers the higher yield at 35.45% vs 30.35% for KSLV. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SLVO is cheaper with an expense ratio of 0.65% compared to 1.00%.

SLVO is the larger fund by assets ($425M), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose KSLV

Kurv Silver Enhanced Income ETF

Want index call spreads structured for Section 1256 tax treatment.
Are comfortable with an options-income strategy — a large payout in exchange for capped upside.

Choose SLVO

Credit Suisse X-Links Silver Shares Covered Call ETN

Want a covered-call overwrite on the stocks the fund holds.
Want to maximize current income — SLVO distributes roughly 35.45% from selling options premium, vs 30.35% for KSLV.
Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
Want to keep costs low — a 0.65% expense ratio vs 1.00% for KSLV.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

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Deep dive

Yield & income

On a $10,000 investment, KSLV would generate roughly $252.92 cash per distribution, while SLVO would produce $295.42 cash per distribution, at current distribution rates. Both pay monthly distributions.

KSLV yield30.35%

SLVO yield35.45%

Cash diff on $10K$42.50

Cost & efficiency

Over 10 years on $10,000, KSLV would cost approximately $1,000 in fees vs $650 for SLVO (simplified, not compounded). The $350.00 difference may be offset by yield or performance.

KSLV ER1.00%

SLVO ER0.65%

Strategy & risk

Both KSLV and SLVO wrap Silver with options-based income overlays (metals and covered call). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic.

KSLV beta—

SLVO beta0.45

Fund details

KSLV is managed by Kurv (launched 09/29/2025) with $120M in assets. SLVO is managed by UBS Asset Management (launched 04/16/2013) with $425M in assets.

KSLV AUM$120M

SLVO AUM$425M

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Frequently asked questions

What is the current distribution rate for KSLV and SLVO?

KSLV currently distributes 30.35% and SLVO 35.45%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is KSLV or SLVO better for dividend income?

It depends on your goals. SLVO currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

What is the difference between KSLV and SLVO?

Both KSLV (Kurv Silver Enhanced Income ETF) and SLVO (Credit Suisse X-Links Silver Shares Covered Call ETN) track Silver with options-based income strategies — the labels "metals" and "covered call" describe closely related mechanics (covered calls are a specific type of options strategy). The real differences show up in yield target (30.35% vs 35.45%), expense ratio (1.00% vs 0.65%), and issuer (Kurv vs UBS Asset Management).

Can I hold both KSLV and SLVO?

You can, but expect significant overlap. Both funds use options-based income strategies on Silver, so holding them together gives you two wrappers around effectively the same exposure — not true diversification. Weigh issuer, fee, and yield differences rather than treating them as complementary.

Is KSLV or SLVO safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — KSLV scores 87, SLVO scores 70, so KSLV's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.

Which has lower fees, KSLV or SLVO?

KSLV has an expense ratio of 1.00% while SLVO charges 0.65%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in KSLV vs SLVO generate?

At current rates, $10,000 in KSLV would generate roughly $252.92 cash per distribution ($3,035.00 annually). The same in SLVO would produce about $295.42 cash per distribution ($3,545.00 annually).

Which has performed better historically, KSLV or SLVO?

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KSLV vs SLVO — at a glance

Generated October 3, 2026.

Overview

KSLV and SLVO both offer monthly income from silver exposure, but they differ fundamentally in structure and strategy. Both target income-focused investors, but the trade-off between yield, cost, and structural risk is substantial. This matters for credit risk—SLVO carries counterparty risk to UBS, whereas KSLV holds transparent fund assets.

Second, SLVO's yield of 35.45% exceeds KSLV's 30.35%. SLVO achieves this through systematic call-option premium collection (the covered-call structure), while KSLV's mechanism relies on active management decisions. The question of whether these yields are sustainable at their current levels is worth investigating.

Third, the funds differ in cost and age. SLVO's expense ratio of 0.65% is cheaper than KSLV's 1.00%. SLVO has operated since 04/16/2013 with $425M in assets, whereas KSLV launched recently on 09/29/2025 with $120M.

Who each is best for

KSLV: Fits investors seeking transparent, actively managed silver exposure with a focus on tax efficiency, who prefer fund structures with direct asset ownership and can tolerate the higher expense ratio and newer track record.

SLVO: Designed for income-focused investors comfortable with ETN structure and UBS counterparty exposure, who value the lower cost from a rules-based covered-call approach, and who have experience with silver or options strategies.

Key risks to know

NAV erosion at extreme distribution yields. KSLV's 30.35% yield and SLVO's 35.45% yield exceed typical silver total returns; both funds likely rely partially on return-of-capital treatment, which may erode principal over time. This risk is more acute for SLVO given the higher payout.

Options capping and opportunity cost. SLVO's covered-call strategy systematically sells upside on silver rallies. In a bull market, this caps gains and may underperform a long-only silver position significantly.

ETN credit and redemption risk. SLVO is an unsecured debt obligation of UBS. If UBS's credit quality deteriorates or it chooses to suspend redemptions, holders have no recourse to underlying assets, unlike ETF shareholders in KSLV.

Early-stage fund risk for KSLV. With inception in 09/29/2025, KSLV has no history through a full market cycle. Its active management approach has not been stress-tested in volatile silver markets or rising-rate environments.

Concentration in single commodity. Both funds hold only silver exposure with no diversification. Silver is volatile and correlated with inflation expectations and industrial demand; neither fund hedges cyclical risk.

Bottom line

SLVO offers a lower expense ratio and higher current yield through a mechanical covered-call strategy with a longer track record, but locks in credit risk to UBS and caps silver upside. KSLV provides transparent ETF ownership and active flexibility, but trades higher fees and a short history for potential tax efficiency gains. If you prioritize immediate income and established structure, SLVO's cost and yield profile merit consideration; if you prefer fund transparency and active management, KSLV's approach aligns with that preference. Past performance does not predict future results, and both funds' extreme payout rates suggest verifying distribution sustainability before committing capital.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

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The metrics behind this comparison, explained in the Academy.

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These comparisons follow the Dividend Vision methodology.